It’s not what you know, but what you can prove
The 2012 case of Tomasetti v Brailey in the New South Wales Supreme Court examined a wide range of issues including negligence, misleading or deceptive conduct, breach of contract, and a breach of the Corporations Act. In this case, the plaintiff (Tomasetti) was a lawyer and the defendant (Brailey) was his accountant and financial planner.
December 10, 2013
Cover story: People power
Clients telling their stories in their own words will be a prominent feature next year, as the financial planning profession addresses persistent misconceptions and promotes the value of advice directly to consumers. Simon Hoyle reports. During 2014, the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) will separately take their
December 10, 2013
Quiet achiever adds 50, almost doubles revenue
Australian Unity Personal Financial Services, the financial advisory arm of Australian Unity, has plans to grow its network to 100 practices by 2017, and with a strong focus on forging partnerships with accountants. The group, which currently has 63 practices and 117 advisers concentrated in Melbourne and Sydney, had referral partnerships with 242 accounting firms
December 06, 2013
Time to unwind: FPA
Financial planners should relax over the Christmas period, with the Financial Planning Association predicting that 2014 will be an easier year than 2013. FPA chief executive Mark Rantall said the outlook for the financial planning industry was positive with much of the regulatory reforms bedded down and a recent FPA/Galaxy Research survey finding 92 per
December 06, 2013
What’s keeping executives up at night?
Reputational damage is the biggest concern of business executives in financial services and other industries followed by business model, economic trends and competition, according to a global survey by Deloitte. The results of the 2013 Deloitte/Forbes Insights Global Strategic Risk Survey vary significantly from three years ago, when reputational risk was ranked third behind brand
December 06, 2013
Assembling the dream team
Few employers take the time to seriously think about their dream employee and what they need to do to attract that calibre of person. Practice principals are so busy “doing” that they forget to spend time thinking about the key characteristics they want their staff to possess. One common mistake is to focus on qualifications
December 06, 2013
ASIC to reveal shadow shopping report, FPA update
The Australian Securities and Investments Commission is on track to release its latest shadow shopping report next year, with the regulator’s mystery shoppers focused on financial advisers who ‘churn’. According to the Financial Planning Association’s general manager of policy and conduct Dante de Gori, who recently met with ASIC and several life companies to discuss
December 05, 2013
NAB Wealth poaches ANZ executive
National Australia Bank has appointed head of ANZ Private Justin Greiner as the new chief executive of its stockbroking and financial advisory firm JBWere, following the departure of Paul Heath in June. Greiner (pictured) will join the bank in February, reporting to NAB Wealth executive general manager of Wealth Advice John Flavell. Greiner, whose previous
December 05, 2013
Advice opportunities go begging
Outdated and cumbersome advice software is preventing financial planners from delivering scalable advice in an efficient and profitable way, according to a new white paper, which states it should only take “minutes” to produce a limited statement of advice. The release of the white paper, which was written by Provisio Technologies and titled ‘Financial Advice
December 05, 2013
Australians overweight and unhealthy, AIA
Australians are among the least satisfied with their health in the Asia Pacific region with 62 per cent of Australians indicating that their health has declined in the last five years, according to a new report. The AIA Healthy Living Index surveyed 10,245 individuals throughout the Asia Pacific including over 600 interviews in Australia. It
December 05, 2013
Spotlight on the mis-selling of structured products
The Australian Securities and Investments Commission has issued a stern warning to financial planners who recommend structured and capital protected products to consumers without fully understanding their personal circumstances. The regulator described the findings of its review into the provision of capital protected products to retail investors as “disappointing” with “many advisers” failing to meet
December 05, 2013
Advisers form new lobby group
A small group of financial planners and funds managers are forming a national association to promote the benefits of alternative investments and target return strategies to the government and other regulators. Principal at financial planning practice Reid McGill and director of consultancy firm Target Risk Funds, Philip Reid is spearheading the group, which has been
December 03, 2013
